JPMorgan ending mandatory COVID tests, hiring ban for unvaccinated employees

Masking in corporate offices will also be voluntary for unvaccinated and vaccinated employees

JPMorgan Chase says it will end its hiring ban on unvaccinated individuals beginning April 4. 

GOLDMAN SACHS BECOMES FIRST WALL ST. FIRM TO EXIT RUSSIA

Mandatory COVID-19 testing for unvaccinated employees, asking employees to report coronavirus infections, and associated contact tracing and notifications will also be discontinued on April 4. In addition, masking in its corporate offices will also be optional for both vaccinated and unvaccinated employees effective immediately. 

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JPM JPMORGAN CHASE & CO. 131.27 +1.83 +1.41%

"Across the U.S., as we continue to see cases decline, restrictions lifted and more flexibility with daily activities, we are learning to live with COVID as part of our new normal," the bank said in a memo to employees reviewed by FOX Business. "The virus has shifted to cause less severe illness, there is now a high level of vaccine immunity and natural immunity from infection, and we are once again enjoying the benefits and energy that comes with being together in the office on a regular basis." 

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JPMorgan emphasized that it will continue to offer voluntary testing through complimentary home testing kits, require responses to be entered into its Vaccine Record Tool, and keep its current isolation and quarantine guidelines in place. New York City employees must continue to meet the company's vaccination requirements until the city lifts its order. 

JP Morgan

JPMorgan will end its hiring ban on unvaccinated individuals beginning April 4. Mandatory COVID-19 testing for unvaccinated employees, asking employees to report coronavirus infections and associated contact tracing and notifications will also be dis (Reuters/Mike Segar/Files)

In addition, the bank urged individuals who are sick with COVID or who show symptoms of any other contagious illness to avoid coming into the office and to exercise good judgment and common sense in deciding whether to notify colleagues who have been in close contact. 

"As we have from the start, we will continue to monitor developments closely and will be prepared to reintroduce practices and protocols when and where needed," the memo added. "For instance – masking requirements may return if there is another spike in cases, or a variant begins to spread that causes severe illness in the general population. But this will only happen based on strict criteria or if mandated by state or local government authorities."

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JPMorgan Chase and Goldman Sachs began calling their employees back to the office on Feb. 1. Meanwhile, Citigroup and Wells Fargo are planning to start bringing employees back to the office in mid-March. JPMorgan, Citigroup and Wells Fargo have all previously announced plans to adopt a hybrid work model to give their employees flexibility. 

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WFC WELLS FARGO & CO. 45.89 +0.29 +0.64%

A Wells Fargo spokesperson told FOX Business that, upon its full return to the office, mask wearing will be optional for fully vaccinated employees unless local restrictions apply. Meanwhile, unvaccinated Wells Fargo employees will be required to undergo regular testing and wear a mask at all times unless eating, drinking or alone in an enclosed room. Wells Fargo employees in all customer-facing retail locations are required to wear a mask, regardless of vaccination status.

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MS MORGAN STANLEY 86.45 +1.45 +1.71%

Morgan Stanley requires vaccines in the majority of its corporate offices. As a result, masking is optional. As for its wealth management branch offices, masking is no longer required for those who are vaccinated. Unvaccinated employees in its wealth management branch offices continue to test and wear masks unless otherwise mandated.

Ticker Security Last Change Change %
GS THE GOLDMAN SACHS GROUP INC. 328.58 +4.95 +1.53%
C CITIGROUP INC. 53.62 -0.47 -0.87%

Representatives for Goldman Sachs and Citigroup did not immediately return FOX Business' request for comment on whether they would follow JPMorgan's lead on easing masking and COVID-19 testing policies for unvaccinated individuals. Citigroup said in January it would terminate unvaccinated employees unless they were granted an exemption.